selling home, not buying right away-cap gain?

[jdavis1212]

What is the name of your state? MD

My wife and I will be selling our house and moving so that I can attend grad school for 1 year. We were not planning on buying in the new city (don't want to stay after school). What kind of taxes can we expect to pay? Or is there any exemption that we can persue? We hope to buy again after one year, but were hoping to use some of the $$ for moving,some expenses, etc.
Any help appreciated

JD

[PghREA]

Originally Posted by jdavis1212

What is the name of your state? MD

My wife and I will be selling our house and moving so that I can attend grad school for 1 year. We were not planning on buying in the new city (don't want to stay after school). What kind of taxes can we expect to pay? Or is there any exemption that we can persue? We hope to buy again after one year, but were hoping to use some of the $$ for moving,some expenses, etc.
Any help appreciated

JD

Not to worry. . . . . Read this: [url]http://www.irs.gov/pub/irs-pdf/p523.pdf[/url]

[jdavis1212]

thanks for the quick response- so even though we are not putting the gains from the old house into a new one, we don't have to pay a gains tax (up to the $250k exemption)

thanks for the help